Quad in South Atlanta

[Tiffany C.]

I've been working on this deal since Jan. The seller is a tired landlord. 

Here are the details: 

4 units 

The property is valued at $150k (I got a brokers priced opinion)

The seller owes $102,000 and wants $10,000 to walk away from the property. Initially she wanted $150K but dropped the price once we discussed the comps. It was extremely difficult to find any comps for this property. 

Market rent with all four units rented is $2500

The monthly expenses are $1010 (this does not include the mortgage)

Her current mortgage is $1300 (PIT (it doesn't include insurance but I included insurance in the expenses) and her interest rate is 8.75% 

The property needs a roof. The bathrooms and kitchens are outdated but fully functional.

I've done subject to before so I offered to take over her mortgage in order to do repairs and get each unit up to market rent. As I mentioned previously, she wants $10,000. If I pay her $10,000 to get in the property and inform the tenants of the rent increase (1 unit is currently vacant); if any of the tenants decide to move I'll have to repair those units while also having to pay for vacant units. 

If we go out and get my own financing , say a hard money lender to eventually use the BRRRR strategy? They only finance up to 65 - 70% of ARV (165,000) which would be 107250 - 115,500 so we would have to bring $4750 at 65%ARV. Would I also have to pay a down payment in addition to that? And I would have to personally finance any repairs on my own.

If we got financing from a portfolio lender I know it's typically 75% - 80% LTV. And what is a typical down payment for a portfolio lender?

I really want this property, but if it's a bad deal I'll have to try to wholesale it or walk away. What are your suggestions? I welcome any useful feedback.